Seeking Alpha

More crackdowns coming for servicers

  • CFPB deputy director Steve Antonakes is "deeply disappointed by the lack of progress the mortgage servicing industry has made" in its treatment of customers. Speaking at an MBA conference, Antonakes says his agency will be closely scrutinizing deals in which lenders sell MSRs to others. "There will be no more shell games where the first servicer says the transfer ended all of its responsibility to consumers and the second servicer says it got a data dump missing critical documents.”
  • Previous: NY's Lawsky nixes Ocwen (OCN) MSR purchase from Wells Fargo; Ocwen now a legal target.
  • Related names: NSM, WAC.
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